|There are two types of "Traditional IRAs" - Contributory IRAs and Rollover IRAs.
A Contributory IRA is used to personally set aside funds for retirement. For many taxpayers, annual amounts contributed to this type of IRA are deductible on an individual's tax return. Tax deductibility depends on an individual's participation status in an employer's retirement plan and adjusted gross income (AGI). Interest earnings are tax deferred until withdrawn.
Rollover IRAs are established to shelter from taxation money distributed from an employer's qualified retirement plan. Interest earnings are tax deferred until withdrawn.
Roth IRAs are used to put aside funds for retirement. Although, contributions are not tax deductible, all earnings have the potential to be distributed tax-free if certain criteria is met. In addition, there are no mandatory distributions required at age 70 1/2.
A Simplified Employee Pension (SEP) is a pension plan established by a business whereby the contributions are deposited into Traditional IRAs and are tax deductible by the employer. A sole proprietor, partnership, corporation, or tax exempt organization may establish SEPs.
The Savings Incentive Match Plan for employees (SIMPLE) IRA plan makes available a simplified salary deferral retirement option to small employers with less than 100 employees. Contributions are made to each participant's SIMPLE IRA.
RETIREMENT PLAN FEES
|IRA Annual Trustee Fee||$20.00|
|Lump Sum Distribution Fee||$25.00|
|Outgoing Transfer Fee||$50.00|
|Process of Legal Services (Levies)||$100.00|